Employee 401(k) Savings and Deferred Compensation Plans

12 Months Ended

Apr. 27, 2019

Retirement Benefits [Abstract]

Employee 401(k) Savings and Deferred Compensation Plans

Employee 401(k) Savings and Deferred Compensation Plans

401(k) Savings Plan

The Company has an employee 401(k) Savings Plan covering substantially all U.S. employees to which it makes contributions equal to 3% of eligible compensation.  Contributions to the employee 401(k) Savings Plan was $1.5 million in fiscal 2019 and $1.4 million in both fiscal 2018 and 2017.

Deferred Compensation Plan

The Company maintains a non-qualified deferred compensation plan (“the Plan”) for certain eligible participants. Under the Plan, participants may elect to defer up to 75% of their annual base salary and 100% of their annual cash incentive compensation, with an aggregate minimum deferral of $3,000. The minimum period of deferral is 3 years. Participants are immediately 100% vested. No company contributions were made to the Plan in fiscal 2019, 2018 and 2017.

The deferred compensation liability for the Plan was $6.1 million and $6.7 million as of April 27, 2019 and April 28, 2018, respectively. In addition, the Company has purchased life insurance policies, which are held in a Rabbi trust, on certain employees to potentially offset these unsecured obligations. These life insurance policies are recoded at their cash surrender value of $6.9 million and $6.7 million as of April 27, 2019 and April 28, 2018, respectively, and are included in other long-term assets.

The Company also owns and is the beneficiary of a number of life insurance policies on the lives of former key executives that are unrestricted as to use. These life insurance policies are recorded at their cash surrender value of $8.6 million and $8.2 million as of April 27, 2019 and April 28, 2018, respectively, and are included in other long-term assets. The cash surrender value of the life insurance policies approximates its fair value and was based on Level 2 inputs on a recurring basis.